Discuss the Importance of Services in the U

question 13

Essay

Discuss the importance of services in the U.S. economy, and explain the growth of services in our economy.

---

Definitions:

Indirect Materials

Materials used in the production process that are not directly part of the final product, such as lubricants and cleaning supplies.

Direct Labor

The cost of wages paid to workers directly involved in the production of goods or services, not including indirect labor costs.

Goods Sold

Refers to the total quantity or value of products that a company has sold over a particular period.

Goods Manufactured

Items that have been completed and are ready for sale, produced by a company during an accounting period.